Middle East Fuel Oil Exports Surge to Four-Month High

Saudi Arabia has ramped up operations at its Red Sea Yanbu terminal, while Iraq has successfully established a new export route via Syria’s Baniyas port, hitting a record 600,000 tons this month. Oman has similarly accelerated its output, reaching its highest export volumes in over two years. Despite this momentum, the total projected volume of 2.4 million metric tons remains significantly below the pre-conflict average of 5.5 to 6 million tons per month.

Market analysts warn that a full recovery remains elusive. Palash Jain, an oil consultant at FGE NexantECA, noted that while transit through the Strait of Hormuz is tentatively resuming, persistent geopolitical uncertainty surrounding U.S.-Iran negotiations keeps traders on edge. Meanwhile, Saudi Arabia continues to import significant quantities of Russian fuel oil to stabilize domestic power generation, as regional tensions have forced the temporary closure of several domestic oil and gas wells.